5 On Your Side

Diamond refund on hold

Posted August 6, 2008 5:22 p.m. EDT

— Appeals have just been filed in the diamond class action settlement against DeBeers, a company that produces most of the world's diamonds.

A series of lawsuits claimed the DeBeers group of companies conspired to fix the price of diamonds, monopolized the market and had misleading advertising.

Because of it, the suits claimed, consumers paid more for diamonds then they should have. A settlement says that consumers who bought diamond jewelry between 1994 and 2006 are eligible to share the $295 million.

The appeals are arguing the money should be distributed differently.

No claims will be paid until the appeals are resolved, which one attorney has said could take years.